Greenstone Partners is pleased to announce the closing of two suburban investment sales in Oak Park and Gurnee, highlighting continued investor demand for well located assets offering both in place income and value add potential.
Greenstone Partners’ Chris Malay represented buyers in both transactions. Brewster Hague and Tom Galvin also advised on the Oak Park acquisition.
The Oak Park transaction included the acquisition of 316 to 324 Lake Street, a 16,372 square foot mixed use property consisting of ten apartment units and four ground floor retail suites. Positioned along a highly trafficked corridor with 104 feet of frontage, the property benefits from strong surrounding retail, including Pete’s Fresh Market and Ridgeland Common Recreation Complex, as well as proximity to Oak Park River Forest High School.
“Oak Park continues to stand out as one of the most desirable suburban markets near Chicago, with strong rental demand and low vacancy,” said Malay. “With ongoing infrastructure improvements and new development along Oak Park Avenue, the area continues to attract both residents and retailers.”
The Gurnee transaction included the acquisition of 34498 Old Walnut Circle, a three tenant retail center that was 75 percent occupied at the time of sale. The asset offered stable in place income with additional upside through lease up and is located along a busy retail corridor near major regional draws.
“This was a targeted acquisition for a buyer seeking both immediate cash flow and long term upside,” Malay added. “The combination of location, accessibility, and surrounding demand drivers made it an attractive opportunity.”
The buyer, a partnership of local investors, was drawn to the property’s positioning near Six Flags Great America and Gurnee Mills, as well as its accessibility to I 94 and Route 120. The property is anchored by service oriented tenants including Allstate Insurance and Fyzical Therapy, providing consistent income with limited landlord responsibilities.
“These transactions reflect what we are seeing across suburban Chicagoland,” said Malay. “Investors remain focused on well located assets where they can achieve both stability today and long term growth.”
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